33 jobs saved at Planet X following Winlong Garments buy-out

After “significant trade and financial investor interest”, Planet X has been saved from closure with Winlong Garments snapping up its assets, funded by Baaj Capital LLP.

A seven-week sales process ended with a pre-pack transaction, following Planet X reportedly falling into administration.

A PR statement from Interpath Advisory, the firm from which administrators Howard Smith and Rick Harrison had been appointed, confirmed the news and that all 33 employees jobs would be saved.

The positive outcome for this business follows a number of administrations in the trade, including distributors Moore Large and 2Pure.

Richard Mostyn-Jones, Planet X CEO, said: “I am delighted to have secured the future of Planet X and the team here, with this transaction. Baaj Capital is a very entrepreneurial organisation with vision and values aligned with our own. We look forward to further building on our heritage and expertise and continuing to supply the cycling community both here in the UK and across the globe.”

Howard Smith, managing director at Interpath Advisory and joint administrator, said: “Planet X has grown over the years to become a well-respected and well-loved name in the cycling community, so we’re pleased to have been able to conclude this transaction which will see the business continue to trade and, importantly, which safeguards the jobs of the Company’s workforce. We wish management and the new owners all the very best for the future.”

Jas Singh, owner and director of Baaj Capital said: “This exciting acquisition accelerates Baaj Capital’s plan to invest across a wide spectrum of diverse business opportunities; the retail sector, with both online and bricks and mortar sites, being only one area of interest.

“Baaj Capital has actively funded the acquisitions of both distressed and solvent companies through many sectors over the recent past. Planet X incorporates both specialist production and innovative design, with a reputation for quality and finish, and represents an exciting addition to the businesses trading with Baaj Support. Our thanks to the Interpath team and Company Management for their help in delivering this project.”